When selling a house, contingent means specific requirements the seller or buyer must agree on before the sale of a house can be closed. If the buyer cannot meet the contingencies, then they can terminate the agreement and walk away with their money.
What are the most common contingencies?
Below are the most popular types of contingencies in real estate contracts:
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Inspection contingency
Buyers want to perform a thorough inspection of the house before they pay. Buyers can leverage the home inspection report to strike a better deal. If you’re not interested in agreeing with their terms then they can walk away from the agreement.
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Appraisal contingency
Lenders ask for a home appraisal to ensure they’re lending the appropriate amount for the property. With an appraisal contingency, your home must be worth the same or a higher value than the buyer’s offer.
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Financing Contingency
The financial contingency (mortgage contingency) states that the buyer can cancel the deal if they’re unable to get their loan. If you are stuck choosing a mortgage-backed buyer or a cash buyer, always choose the cash buyer.
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Home sale contingency
This means that you can only close the sale of your house when your buyer can sell their house. A home sale contingency threatens the fate of your home sale because it doesn’t even depend on the buyer this time, it depends on your buyer’s buyer.
Can I negotiate a contingent offer?
You can always negotiate a contingent offer. Before you accept an offer with a home sale contingency, ensure you’re not on the losing end. Use the kick-out clause to negotiate the offer; using this clause, you can continue marketing your home and when you get a better offer, you can cancel the contingent offer.
You’re not limited to negotiating only home sale contingency. You can negotiate to remove other contingencies too.
How To Avoid Home Sale Contingencies
As a seller, you can only avoid contingent offers when you sell your home to a cash home buyer like us at Home Cash Guys. At Home Cash Guys, we’re ready to buy your home immediately without any interference from a third party. Cash home buyers do not care about contingencies as they can easily waive them including inspection contingency. This is because we do not require our customers to make any repairs or renovations before selling their houses to us.
At Home Cash Guys, we buy houses Philadelphia at the best prices. We ensure that our customers get their houses off the market in record time. So, if you’re looking to sell my house fast Philadelphia, we at Home Cash Guys are your best bet.
No traditional realtor will let you walk away with all your profit. You’ll be obligated to pay certain fees including contingency fees. As a seller, what you need is to maximize your profit so that you can invest it into another property if you wish. The best way to sell my house fast Philadelphia is to sell to a reliable cash home buyer like us at Home Cash Guys.
Contact us today to learn more about our services!
